Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.046 (vs ฿0.042 in 1Q 2025) First quarter 2026 results: EPS: ฿0.046 (up from ฿0.042 in 1Q 2025). Revenue: ฿6.69b (flat on 1Q 2025). Net income: ฿864.2m (up 18% from 1Q 2025). Profit margin: 13% (up from 11% in 1Q 2025). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Apr 01
Sansiri Public Company Limited (SET:SIRI) entered into a Share Purchase Agreement to acquire remaining 50% stake in BTS Sansiri Holdings Nineteen Company Limited from Rabbit Holdings Public Company Limited (SET:RABBIT) for THB 81.8 million. Sansiri Public Company Limited (SET:SIRI) entered into a Share Purchase Agreement to acquire remaining 50% stake in BTS Sansiri Holdings Nineteen Company Limited from Rabbit Holdings Public Company Limited (SET:RABBIT) for THB 81.8 million on March 31, 2026. A cash consideration of THB 81.76 million will be paid by Sansiri Public Company Limited. As part of consideration, THB 81.76 million is paid towards common equity of BTS Sansiri Holdings Nineteen Company Limited. Upon completion, Sansiri Public Company Limited will own 100% stake in BTS Sansiri Holdings Nineteen Company Limited. Reported Earnings • Mar 04
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: ฿0.24 (down from ฿0.29 in FY 2024). Revenue: ฿34.4b (down 11% from FY 2024). Net income: ฿4.51b (down 9.7% from FY 2024). Profit margin: 13% (in line with FY 2024). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 10% per year. Declared Dividend • Mar 02
Dividend of ฿0.08 announced Shareholders will receive a dividend of ฿0.08. Ex-date: 17th March 2026 Payment date: 20th May 2026 Dividend yield will be 8.3%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Sansiri Public Company Limited, Annual General Meeting, Apr 30, 2026 Sansiri Public Company Limited, Annual General Meeting, Apr 30, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ฿0.052 (down from ฿0.078 in 3Q 2024). Revenue: ฿7.99b (down 14% from 3Q 2024). Net income: ฿1.00b (down 26% from 3Q 2024). Profit margin: 13% (down from 14% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Aug 17
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿0.065 (down from ฿0.08 in 2Q 2024). Revenue: ฿8.77b (down 5.5% from 2Q 2024). Net income: ฿1.13b (down 18% from 2Q 2024). Profit margin: 13% (down from 15% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Declared Dividend • Aug 16
Dividend reduced to ฿0.05 Dividend of ฿0.05 is 29% lower than last year. Ex-date: 28th August 2025 Payment date: 11th September 2025 Dividend yield will be 8.4%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to ฿1.31. The fair value is estimated to be ฿1.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 9.8% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Announcement • Jul 02
Sansiri Public Company Limited Announces Resignation of Supakorn Vejjajiva as Director and Member of Investment Committee, Effective from July 1, 2025 Sansiri Public Company Limited announced resignation of Mr. Supakorn Vejjajiva as director and member of Investment Committee of the company, with effect from July 1, 2025. Terminate reason: Resigned from position /the company due to due to his other business engagement. Major Estimate Revision • May 24
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿36.7b to ฿35.7b. EPS estimate also fell from ฿0.29 per share to ฿0.258 per share. Net income forecast to grow 6.8% next year vs 0.7% growth forecast for Real Estate industry in Thailand. Consensus price target down from ฿1.82 to ฿1.73. Share price was steady at ฿1.33 over the past week. Reported Earnings • May 16
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.042 (down from ฿0.074 in 1Q 2024). Revenue: ฿6.89b (down 30% from 1Q 2024). Net income: ฿813.9m (down 34% from 1Q 2024). Profit margin: 12% (in line with 1Q 2024). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 13
Price target decreased by 8.5% to ฿1.82 Down from ฿1.99, the current price target is an average from 11 analysts. New target price is 33% above last closing price of ฿1.37. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿0.27 for next year compared to ฿0.29 last year. Buy Or Sell Opportunity • May 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to ฿1.33. The fair value is estimated to be ฿1.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 1.3% per annum over the same time period. Announcement • Apr 02
CAI Optimum Fund VCC for the purpose of Apex Alpha 1, managed by Capital Asia Investments Pte. Ltd agreed to acquire 49% stake in Big Touch 3 Co., Ltd. from Sansiri Public Company Limited (SET:SIRI) for approximately THB 610 million. CAI Optimum Fund VCC for the purpose of Apex Alpha 1, managed by Capital Asia Investments Pte. Ltd agreed to acquire 49% stake in Big Touch 3 Co., Ltd. from Sansiri Public Company Limited (SET:SIRI) for approximately THB 610 million on March 31, 2025. A cash consideration of THB 610.43 million will be paid by CAI Optimum Fund VCC for the purpose Apex Alpha 1 and Capital Asia Investments Pte. Ltd. As part of consideration, THB 610.43 million is paid towards common equity of Big Touch 3 Co., Ltd. Announcement • Mar 03
Sansiri Public Company Limited Proposes Dividend for the Year Ended December 31, 2024, Payable on May 20, 2025 Sansiri Public Company Limited proposed at the Annual General Meeting of Shareholders to be held on April 30, 2025, to consider and approve to pay dividend from operating results from 1 January 2024 to 31 December 2024 to the ordinary shareholders at the rate of THB 0.15 per share, of which the Company paid interim dividend at the rate of THB 0.07 on 11 September 2024 and will pay the remaining dividend at the rate of THB 0.08 per share to the shareholders, by setting the record date on 18 March 2025 to determine the list of shareholders who have the right to receive dividend. The approved dividend will be paid to the shareholders on 20 May 2025. Declared Dividend • Mar 03
Final dividend of ฿0.08 announced Shareholders will receive a dividend of ฿0.08. Ex-date: 17th March 2025 Payment date: 20th May 2025 Dividend yield will be 9.0%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 6.7% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 02
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿0.29 (down from ฿0.36 in FY 2023). Revenue: ฿39.2b (up 4.4% from FY 2023). Net income: ฿5.32b (down 7.1% from FY 2023). Profit margin: 14% (down from 15% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.2%. Revenue is forecast to grow 1.3% p.a. on average during the next 2 years, compared to a 1.7% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Mar 01
Sansiri Public Company Limited, Annual General Meeting, Apr 30, 2025 Sansiri Public Company Limited, Annual General Meeting, Apr 30, 2025, at 14:00 SE Asia Standard Time. New Risk • Nov 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.0% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (4.9% increase in shares outstanding). New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (154% cash payout ratio). Shareholders have been diluted in the past year (4.9% increase in shares outstanding). Buy Or Sell Opportunity • Oct 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.3% to ฿1.88. The fair value is estimated to be ฿1.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to decline by 0.1% in 2 years. Earnings are forecast to decline by 0.4% in the next 2 years. Announcement • Oct 03
Hyatt Hotels Corporation (NYSE:H) completed the acquisition of Standard International Inc. from Sansiri Public Company Limited (SET:SIRI). Hyatt Hotels Corporation (NYSE:H) agreed to acquire Standard International Inc. from Sansiri Public Company Limited (SET:SIRI) for approximately $340 million on August 20, 2024. Upon closing, Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. Stabilized fees associated with the base purchase price are anticipated to be approximately $17 million and, to the extent the contingent purchase price is paid, additional stabilized fees are anticipated to be up to approximately $30 million. The acquisition will add 21 existing hotels to Hyatt’s portfolio of more than 1,350 globally and bolster its position in the premier lifestyle space. Following completion of the acquisition, Hyatt will create a new lifestyle group headquartered in New York City. Sansiri will continue to own several properties that will be managed or franchised under the acquired brands. Amar Lalvani will take on the role of President & Creative Director of the Standard International. In addition, the acquisition includes more than 30 new projects, several of which are excepted to open within the next 12 months. The transaction is anticipated to close later in 2024 subject to customary closing conditions. Moelis & Company LLC served as financial advisor and Venable LLP acted as legal advisor to Hyatt.
Hyatt Hotels Corporation (NYSE:H) completed the acquisition of Standard International Inc. from Sansiri Public Company Limited (SET:SIRI) on October 1, 2024. Announcement • Aug 22
Hyatt Hotels Corporation (NYSE:H) agreed to acquire Standard International Inc. for approximately $335 million. Hyatt Hotels Corporation (NYSE:H) agreed to acquire Standard International Inc. for approximately $335 million on August 20, 2024. Upon closing, Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. Stabilized fees associated with the base purchase price are anticipated to be approximately $17 million and, to the extent the contingent purchase price is paid, additional stabilized fees are anticipated to be up to approximately $30 million. The acquisition will add 21 existing hotels to Hyatt’s portfolio of more than 1,350 globally and bolster its position in the premier lifestyle space. Following completion of the acquisition, Hyatt will create a new lifestyle group headquartered in New York City. Amar Lalvani will take on the role of President & Creative Director of the Standard International. In addition, the acquisition includes more than 30 new projects, several of which are excepted to open within the next 12 months. The transaction is anticipated to close later in 2024 subject to customary closing conditions. Moelis & Company LLC served as financial advisor and Venable LLP acted as legal advisor to Hyatt. Declared Dividend • Aug 16
First half dividend reduced to ฿0.07 Dividend of ฿0.07 is 30% lower than last year. Ex-date: 28th August 2024 Payment date: 11th September 2024 Dividend yield will be 11%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but not covered by cash flows (219% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: ฿0.076 (down from ฿0.097 in 2Q 2023). Revenue: ฿9.61b (up 3.3% from 2Q 2023). Net income: ฿1.39b (down 9.9% from 2Q 2023). Profit margin: 14% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.5%. Revenue is forecast to stay flat during the next 3 years compared to a 1.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: ฿0.074 (down from ฿0.097 in 1Q 2023). Revenue: ฿10.2b (up 30% from 1Q 2023). Net income: ฿1.31b (down 12% from 1Q 2023). Profit margin: 13% (down from 19% in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to stay flat during the next 3 years compared to a 1.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • May 03
Sansiri Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on 20 May 2024 Sansiri Public Company Limited would like to report the resolutions of the Annual General Meeting of Shareholders held on 30 April 2024, approved to pay dividend from operating results from 1 January 2023 to 31 December 2023 to the ordinary shareholders at the rate of THB 0.20 (Twenty Stang) per share, of which the Company paid interim dividend at the rate of THB 0.10 (Ten Stang) on 11 September 2023 and will pay the remaining dividend at the rate of THB 0.10 (Ten Stang) per share to the shareholders, by setting the record date on 18 March 2024 to determine the list of shareholders who have the right to receive dividend. The approved dividend will be paid to the shareholders on 20 May 2024. Upcoming Dividend • Mar 08
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 11%. Within top quartile of Thai dividend payers (6.1%). Higher than average of industry peers (4.6%). Declared Dividend • Mar 01
Final dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 15th March 2024 Payment date: 20th May 2024 Dividend yield will be 11%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: ฿39.1b (up 14% from FY 2022). Net income: ฿6.06b (up 53% from FY 2022). Profit margin: 16% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 2.2% growth forecast for the Real Estate industry in Thailand. Announcement • Dec 21
XSpring Asset Management Company Limited acquired Pridit Co., Ltd from Sansiri Public Company Limited (SET:SIRI) for THB 15 million. XSpring Asset Management Company Limited acquired Pridit Co., Ltd from Sansiri Public Company Limited (SET:SIRI) for THB 15 million on December 19, 2023.XSpring Asset Management Company Limited completed the acquisition of Pridit Co., Ltd from Sansiri Public Company Limited (SET:SIRI) on December 19, 2023. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: ฿0.09 (up from ฿0.08 in 3Q 2022). Revenue: ฿9.55b (up 8.7% from 3Q 2022). Net income: ฿1.56b (up 31% from 3Q 2022). Profit margin: 16% (up from 14% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.1%. Revenue is forecast to stay flat during the next 3 years compared to a 7.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Oct 27
Sansiri Public Company Limited Appoints Pongsatorn Suksangium as Independent Director, Member of the Audit Committee and Risk Management Committee The Board of Directors of Sansiri Public Company Limited in its meeting held on 26 October 2023, resolved to approve the appointment of Mr. Pongsatorn Suksangium to become as a Company's director (an independent director), member of the Audit Committee and member of the Risk Management Committee to fulfill the position vacated with the effective from 26 October 2023 onward. The audit committee is consisted of: Chairman of the audit committee: Mr. Jesadavat Priebjrivat remaining term in office 2 year(s) 1 month. Member of the audit committee: Mr. Kittichai Raktakanit remaining term in office 2 year(s) 1 month. Member of the audit committee: Mr. Weeranant Chuensuwan remaining term in office 2 year(s) 1 month. Member of the audit committee: Mr. Pongsatorn Suksangium remaining term in office 2 year(s) 1 month. Secretary of the audit committee: Mr. Thalin Aeimtitiwat. Announcement • Sep 23
Sansiri Public Company Limited (SET:SIRI) agreed to acquire remaining 30% stake in Big Touch 2 Co., Ltd. from Private Funds managed by XSpring Asset Management Company Limited for THB 41.9 million. Sansiri Public Company Limited (SET:SIRI) agreed to acquire remaining 30% stake in Big Touch 2 Co., Ltd. from Private Funds managed by XSpring Asset Management Company Limited for THB 41.9 million on September 20, 2023. Sansiri Public Company Limited will acquire 0.4 million shares of Big Touch 2 Co., Ltd. Transaction will be funded from Internal working capital. Announcement • Sep 21
Sansiri Public Company Limited Approves Appointment of Mr. Apichart Chutrakul as Chief Executive Officer Sansiri Public Company Limited Approved the appointment of Mr. Apichart Chutrakul (presently being Acting Chief Executive Officer) as the Chief Executive Officer, with the effective from 19 September 2023 onward. Announcement • Sep 20
Sansiri Public Company Limited Approves Executive Changes Sansiri Public Company Limited approved the appointment of Mr. Apichart Chutrakul (presently being Acting Chief Executive Officer) as the Chairman of the Executive Committee and a Member of the Corporate Governance and Sustainability Committee with the effective from 19 September 2023 onward. Company also approved the resignation of Mr. Supanit Chaiyawat from the position of a Director (Independent Director), a Member of the Audit Committee and a Member of the Risk Management Committee with the effective from 19 September 2023 onward. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.10 per share at 11% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 11 September 2023. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 11%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (4.0%). Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ฿0.097 (up from ฿0.056 in 2Q 2022). Revenue: ฿9.99b (up 35% from 2Q 2022). Net income: ฿1.62b (up 94% from 2Q 2022). Profit margin: 16% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.0%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
Sansiri Public Company Limited Declares Interim Cash Dividend for the Operating Period from January 1, 2023 to June 30, 2023, Payable on September 12, 2023 Sansiri Public Company Limited announced interim cash dividend of THB 0.10 per share to the common shareholders for the operating period from January 1, 2023 to June 30, 2023, payable on September 12, 2023. Record date for the right to receive dividends to be August 29, 2023. Ex-dividend date to be August 28, 2023. Record date for the right to receive dividends is August 29, 2023. Announcement • Jul 14
Sansiri Public Company Limited (SET:SIRI) agreed to acquire 70% stake in Good Asset Co., Ltd. from Chonthicha Sawatyanon for THB 42 million. Sansiri Public Company Limited (SET:SIRI) agreed to acquire 70% stake in Good Asset Co., Ltd. from Chonthicha Sawatyanon for THB 42 million on July 12, 2023. Reported Earnings • May 17
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: ฿0.097 (up from ฿0.015 in 1Q 2022). Revenue: ฿8.50b (up 68% from 1Q 2022). Net income: ฿1.58b (up ฿1.36b from 1Q 2022). Profit margin: 19% (up from 4.4% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 05
Sansiri Public Company Limited Announces Dividend for the Year 2022, Payable on May 17, 2023 Sansiri Public Company Limited approved the allocation of the net profit for the legal Reserves and approve the annual dividend payment for the operational results from 1 January 2022 to 31 December 2022 as follows: Allocation of the net profit from 2022 operating results in the amount of THB 213.91 million for the legal reserves, providing that the said legal reserves fund was allocated from the net profit in the consolidated financial statements. To pay dividend from 2022 operating results to the ordinary shareholders at the rate of THB 0.15 per share, making the total dividend payment of THB 2,297.4 million to the shareholders, which was 56.5% of the 2022 net profit, by setting the record date on 17 March 2023 to determine the list of shareholders who have the right to receive dividend. The approved dividend will be paid to the shareholders on 17 May 2023. Upcoming Dividend • Mar 09
Upcoming dividend of ฿0.11 per share at 8.1% yield Eligible shareholders must have bought the stock before 16 March 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 8.1%. Within top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (4.0%). Major Estimate Revision • Feb 03
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2022 has improved. 2022 revenue forecast increased from ฿32.9b to ฿33.4b. EPS estimate increased from ฿0.23 to ฿0.254 per share. Net income forecast to grow 54% next year vs 7.7% growth forecast for Real Estate industry in Thailand. Consensus price target up from ฿1.70 to ฿1.91. Share price rose 10% to ฿1.93 over the past week. Price Target Changed • Jan 31
Price target increased by 8.2% to ฿1.84 Up from ฿1.70, the current price target is an average from 7 analysts. New target price is 5.5% below last closing price of ฿1.95. Stock is up 48% over the past year. The company is forecast to post earnings per share of ฿0.24 for next year compared to ฿0.11 last year. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 17% share price gain to ฿1.71, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Real Estate industry in Thailand. Total returns to shareholders of 91% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿0.98 per share. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ฿0.08 (vs ฿0.037 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.08 (up from ฿0.037 in 3Q 2021). Revenue: ฿8.79b (up 22% from 3Q 2021). Net income: ฿1.19b (up 117% from 3Q 2021). Profit margin: 14% (up from 7.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Major Estimate Revision • Nov 17
Consensus EPS estimates increase by 25% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿31.3b to ฿31.8b. EPS estimate increased from ฿0.16 to ฿0.20 per share. Net income forecast to grow 56% next year vs 12% growth forecast for Real Estate industry in Thailand. Consensus price target up from ฿1.31 to ฿1.47. Share price rose 3.7% to ฿1.39 over the past week. Price Target Changed • Nov 16
Price target increased to ฿1.45 Up from ฿1.31, the current price target is an average from 4 analysts. New target price is 7.2% above last closing price of ฿1.35. Stock is up 3.1% over the past year. The company is forecast to post earnings per share of ฿0.16 for next year compared to ฿0.11 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Kittichai Raktakanit was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Nov 07
Price target increased to ฿1.31 Up from ฿1.22, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ฿1.32. Stock is up 3.9% over the past year. The company is forecast to post earnings per share of ฿0.16 for next year compared to ฿0.11 last year. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 13 September 2022. Payout ratio is on the higher end at 80% but the company is not cash flow positive. Trailing yield: 7.1%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (3.2%). Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.056 (vs ฿0.039 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.056 (up from ฿0.039 in 2Q 2021). Revenue: ฿7.39b (down 8.0% from 2Q 2021). Net income: ฿836.1m (up 44% from 2Q 2021). Profit margin: 11% (up from 7.2% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 22%, compared to a 20% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 8% per year and the company’s share price has also fallen by 8% per year. Announcement • Aug 16
Sansiri Public Company Limited Announces Interim Cash Dividend for the Operating Period from January 1, 2022 to June 30, 2022, Payable on September 13, 2022 Sansiri Public Company Limited announced interim cash dividend of THB 0.04 per share to the common shareholders for the operating period from January 1, 2022 to June 30, 2022, payable on September 13, 2022. Record date for the right to receive dividends to be August 30, 2022. Ex-dividend date to be August 29, 2022. Reported Earnings • May 20
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.015 (down from ฿0.02 in 1Q 2021). Revenue: ฿5.10b (down 25% from 1Q 2021). Net income: ฿221.9m (down 27% from 1Q 2021). Profit margin: 4.3% (down from 4.4% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 14%, compared to a 18% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 8% per year and the company’s share price has also fallen by 8% per year. Announcement • May 05
Sansiri Public Company Limited Approves Dividend for the Period from 1 January 2021 to 31 December 2021, Payable on 20 May 2022 Sansiri Public Company Limited announced at annual general meeting held on April 29, 2022, the shareholders approved the allocation of the net profit for the legal reserves and approve the annual dividend payment for the operational results from 1 January 2021 to 31 December 2021 as follows: allocation of the net profit from 2021 operating results in the amount of THB 100.86 million for the legal reserves, providing that the said legal reserves fund was allocated from the net profit in the consolidated financial statements. To pay dividend from 2021 operating results to the ordinary shareholders at the rate of THB 0.06 per share, making the total dividend payment of THB 893.1 million to the shareholders, by setting the record date on 16 March 2022 to determine the list of shareholders who have the right to receive dividend. The approved dividend will be paid to the shareholders on 20 May 2022. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Kittichai Raktakanit was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 08
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 15 March 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (5.3%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.11 (up from ฿0.11 in FY 2020). Revenue: ฿29.6b (down 15% from FY 2020). Net income: ฿2.02b (up 31% from FY 2020). Profit margin: 6.8% (up from 4.5% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 8.3%, compared to a 18% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 4% per year. Price Target Changed • Feb 11
Price target increased to ฿1.24 Up from ฿1.14, the current price target is an average from 7 analysts. New target price is 6.6% below last closing price of ฿1.33. Stock is up 53% over the past year. The company is forecast to post earnings per share of ฿0.14 for next year compared to ฿0.11 last year. Price Target Changed • Nov 18
Price target increased to ฿1.14 Up from ฿1.05, the current price target is an average from 8 analysts. New target price is 14% below last closing price of ฿1.32. Stock is up 71% over the past year. The company is forecast to post earnings per share of ฿0.13 for next year compared to ฿0.11 last year. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.037 (vs ฿0.048 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿7.23b (down 15% from 3Q 2020). Net income: ฿546.0m (down 24% from 3Q 2020). Profit margin: 7.6% (down from 8.4% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS ฿0.039 (vs ฿0.018 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿8.04b (down 28% from 2Q 2020). Net income: ฿580.3m (up 127% from 2Q 2020). Profit margin: 7.2% (up from 2.3% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Announcement • Jun 22
XSpring Asset Management Company Limited and Sansiri Public Company Limited (SET:SIRI) agreed to acquire Pool Assets for THB 127.5 million. XSpring Asset Management Company Limited and Sansiri Public Company Limited (SET:SIRI) agreed to acquire Pool Assets for THB 127.5 million on June 21, 2021. In investing in the Pool Assets under the Revenue Sharing Agreement, Sansiri Public Company will use an amount of up to THB 75 million. the Board of Directors and the Audit
Committee of Sansiri Public Company have approved the entry into this transaction. Major Estimate Revision • Jun 01
Consensus EPS estimates increase to ฿0.12 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿26.5b to ฿28.4b. EPS estimate increased from ฿0.11 to ฿0.12 per share. Net income forecast to grow 0.8% next year vs 14% growth forecast for Real Estate industry in Thailand. Consensus price target of ฿0.92 unchanged from last update. Share price rose 16% to ฿1.49 over the past week. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 30% share price gain to ฿1.35, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Real Estate industry in Thailand. Total loss to shareholders of 1.1% over the past three years. Price Target Changed • May 20
Price target increased to ฿0.85 Up from ฿0.79, the current price target is an average from 7 analysts. New target price is 31% below last closing price of ฿1.23. Stock is up 68% over the past year. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.02 (vs ฿0.004 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿6.83b (up 5.8% from 1Q 2020). Net income: ฿384.1m (up ฿322.2m from 1Q 2020). Profit margin: 5.6% (up from 1.0% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. Announcement • May 06
Advise Health Holdings, LLC Approves Dividend for the Year 2020, Payable on 20 May, 2021 Sansiri Public Company Limited announced that at its AGM held on 30 April 2021, it has approved to pay dividend from 2020 operating results to the ordinary shareholders at the rate of THb 0.04 per share, making the total dividend payment of 594.5 Million to the shareholders, by setting the record date on 16 March 2021 to determine the list of shareholders who have the right to receive dividend. The approved dividend will be paid to the shareholders on 20 May 2021. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improved over the past week After last week's 17% share price gain to ฿1.04, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Real Estate industry in Thailand. Total loss to shareholders of 21% over the past three years. Is New 90 Day High Low • Mar 10
New 90-day high: ฿0.94 The company is up 9.0% from its price of ฿0.86 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿2.92 per share. Major Estimate Revision • Mar 08
Analysts update estimates The 2021 consensus revenue estimate was lowered from ฿28.1b to ฿25.8b. Earnings per share (EPS) increased from ฿0.088 to ฿0.11 for the same period. Net income is expected to grow by 1.4% next year compared to 12% growth forecast for the Real Estate industry in Thailand. The consensus price target increased from ฿0.70 to ฿0.73. Share price is up 3.5% to ฿0.88 over the past week. Announcement • Mar 02
Sansiri Public Company Limited, Annual General Meeting, Apr 30, 2021 Sansiri Public Company Limited, Annual General Meeting, Apr 30, 2021, at 07:00 Coordinated Universal Time. Agenda: To consider and certify the Minutes of the Annual General Meeting of Shareholder No. 25/2020 held on 24 July 2020; to consider and certify the Company's annual report and the board of directors' report of the work done for the period of 2020; to consider and approve the Company's balance sheets, profit and loss statements for the fiscal year 2020 ending 31 December 2020; to consider and approve the allocation of the net profit for the legal Reserves and approve the annual dividend payment for the operational results from 1 January 2020 to 31 December 2020; and to consider other matters. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.11 (vs ฿0.17 in FY 2019) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿34.7b (up 39% from FY 2019). Net income: ฿1.67b (down 30% from FY 2019). Profit margin: 4.8% (down from 9.6% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Over the next year, revenue is expected to shrink by 19% compared to a 10% growth forecast for the Real Estate industry in Thailand. Announcement • Jan 05
Sansiri Public Company Limited Announces Executive Changes Sansiri Public Company Limited announced termination of Miss. Artkarasatapon Varangkana as Chief Financial Officer with effect from December 31, 2020 and announced the appointment of Artkarasatapon Varangkana as Chief Financial Officer of the company with effect from January 1, 2021. Announcement • Dec 17
Sansiri Public Company Limited Appoints Poomipak Julmanichoti as Member of Executive Committee The Board of Directors of Sansiri Public Company Limited in its meeting # 13/2020 held on 14 December 2020 has resolved to appoint Mr. Poomipak Julmanichoti as a member of its Executive Committee, effective from 14 December 2020 onwards. Is New 90 Day High Low • Dec 04
New 90-day high: ฿0.84 The company is up 18% from its price of ฿0.71 on 03 September 2020. The Thai market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.66 per share. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ฿0.048 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿8.53b (up 58% from 3Q 2019). Net income: ฿713.4m (up 58% from 3Q 2019). Profit margin: 8.4% (up from 8.3% in 3Q 2019). The increase in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Nov 18
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) exceeded analyst estimates by 17%. Over the next year, revenue is expected to shrink by 15% compared to a 3.3% growth forecast for the Real Estate industry in Thailand. Is New 90 Day High Low • Nov 17
New 90-day high: ฿0.76 The company is up 4.0% from its price of ฿0.73 on 19 August 2020. The Thai market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿2.19 per share. Announcement • Oct 17
Sansiri Public Company Limited Enters into Rental Agreement with SE Digital Company Limited Sansiri Public Company Limited announced that it has entered into a rental and service contracts with SE Digital Company Limited. The first transaction is the transaction related to rent space of the Habito Project to set up a workplace which has a total usable area of approximately 481 square meters. The property leases are at the rate of THB 92,478 per month for total period of 3 years. The total value of the lease is THB 3,329,208. The second transaction is the transaction related to a request for services of rental space according to the first transaction, such as common area service and utility services. The service fee is paid at the rate of THB 61,652 per month for a total service period of 3 years. The total value of the service contract is THB 2,219,472. Announcement • Sep 29
Sansiri Public Company Limited Appoints Mr. Weeranant Chuensuwan as Member of the Audit Committee Sansiri Public Company Limited announced the appointment of Mr. Weeranant Chuensuwan as Member of the audit committee, with effect from September 25, 2020. Is New 90 Day High Low • Sep 24
New 90-day low: ฿0.66 The company is down 16% from its price of ฿0.79 on 25 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.43 per share. 
